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Euro Gold Refinery opens as gold prices surge

Peter 6th Aug, 2025 Industry Pedson Mumbere
Euro Gold Refinery opens as gold prices surge

Ruth Nankabirwa (L), the Minister of Energy and Mineral Development, speaks at the official opening of Euro Gold Refinery in Kampala as Fionah Nyamutoro, the State Minister for Mineral Development displays bars of refined gold.


Global gold prices have surged to about $3,348 (UGX12.6 million) per ounce, driven by economic uncertainty and strong investor demand, according to Reuters.

In its latest market forecast, HSBC raised its 2025 average gold price projection to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and growing government debt.

This price rally has heightened the urgency for Uganda to secure revenues from its gold sector, which has been plagued by illegal exports and organized scams.

  • Against this backdrop, Euro Gold Refinery, a state-recognized facility designed to formalize gold trade, fight fraud, and recover billions in lost revenue, has officially opened in Uganda.

The refinery, located along Katego Road in Kamwokya, Kampala, is owned by Ugandan entrepreneur Feni Benard and supported by foreign investors from the United Kingdom, United Arab Emirates, and India. It will source gold directly from artisanal and small-scale miners in gold-rich regions such as Busia, Karamoja, Buhweju, Kassanda, and West Nile, offering them a structured and credible marketplace.

Speaking at the commissioning, Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development, described Euro Gold Refinery as “the first facility officially recognized by the government,” underscoring its role in improving mineral governance. She urged the refinery to collaborate with the Bank of Uganda, which in 2024 launched a Domestic Gold Purchase Programme aimed at increasing foreign reserves through refined gold acquisitions.

  • “This facility provides an opportunity to formalize the gold sector, curb fraud, and ensure Uganda earns what it deserves from its mineral wealth,” Nankabirwa said.
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A 2024 Auditor General’s report revealed that gold worth $3.014 billion (UGX 11 trillion) was exported illegally without permits from the Ministry of Energy and Mineral Development, in violation of Section 149 of the Mining and Minerals Act, Cap 159.

The Uganda Revenue Authority (URA) estimates that these illegal exports cost the government over UGX 1.2 trillion in lost revenue.

Illegal gold trading has become deeply entrenched in Uganda. In February 2025, Beata Chelimo, Deputy Director of the Criminal Investigations Directorate, described gold scams as “one of the most sophisticated forms of organized crime in Uganda.”

Nankabirwa said 24 security personnel had been arrested for involvement in syndicates that lured unsuspecting investors with promises of quick returns.

  • Despite these challenges, gold remains Uganda’s most promising export. By June 2024, gold exports had reached $3.09 billion (UGX 11.7 trillion), contributing nearly 50% of the country’s non-coffee export earnings. In the 12 months leading up to February 2025, gold accounted for 37% of total export revenue, underscoring its dominant role in Uganda’s trade profile.
  • For Feni Benard, the director of Euro Gold Refinery, the facility represents more than just a business venture. “Our refinery is approved by the London Bullion Market Association (LBMA), meaning we meet international standards for refining and trading gold and silver bars. We want to empower small-scale miners by giving them fair value for their gold while promoting sustainable and environmentally friendly practices,” he said.

The refinery offers a range of services, including smelting, assaying, refining, and facilitating international mineral trade. It also provides consultancy services in mineral trading and has forged partnerships with small-scale miners in Uganda and neighboring countries such as the Democratic Republic of Congo (DRC).

In addition, Euro Gold Refinery holds a 79.8-square-kilometer mining concession in Yumbe District and exploration rights in Karamoja, signaling its ambition to be a leading player in Uganda’s gold value chain.

Nankabirwa noted that Uganda cannot afford to continue losing billions to illicit traders. “Gold has the potential to change Uganda’s economic fortunes if managed well. This refinery ensures that the days of unscrupulous dealers and illegal exports are behind us,” she said.

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